TFS Financial CORP — Director's Dealing 2011

Dec 20, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TFS Financial CORP (TFSL)
CIK: 0001381668
Period of Report: 2011-12-19

Reporting Person: Betters Ralph M (Chief Information Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-19	Employee Stock Option (right to buy)	$8.61	A	36900	Acquired	2021-12-15	Common Stock (36900)	Direct
2011-12-19	Restricted Stock Units	$	A	5500	Acquired		Common Stock (5500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	100	Indirect
Common Stock	55147	Indirect
Common Stock	0	Indirect
Common Stock	4145	Indirect
Common Stock	30129	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$14.00	2020-05-14	Common Stock (31500)	31500	Direct
Employee Stock Option (right to buy)	$11.96	2019-05-11	Common Stock (37500)	37500	Direct
Employee Stock Option (right to buy)	$11.74	2018-08-10	Common Stock (126500)	126500	Direct
Restricted Stock Units	$		Common Stock (4200)	4200	Direct
Restricted Stock Units	$		Common Stock (35100)	35100	Direct
Restricted Stock Units	$		Common Stock (3600)	3600	Direct

Footnotes

F1: Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.

F2: The reporting person no longer has a reportable interest in 89 shares of common stock owned by his son and included in the reporting person's prior ownership reports.

F3: Each restricted stock unit represents a contingent right to receive one share of TFS Financial Corporation common stock. Restricted stock units are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock.

F4: As reported on the Form 4 dated May 18, 2010, the reporting person received a grant of 31,500 stock options that vest in three equal annual installments beginning on May 14, 2011.

F5: As reported on the Form 4 dated May 14, 2009, the reporting person received a grant for 37,500 stock options that vest in three equal annual installments beginning on May 12, 2010.

F6: As reported on the Form 4 dated August 13, 2008, the reporting person received a grant of 126,500 stock options that vest in four equal annual installments beginning on August 11, 2012.

F7: As reported on the Form 4 dated May 14, 2009, the reporting person received a grant of 4,200 restricted stock units that vest in four equal annual installments beginning on May 12, 2010. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation.

F8: As reported on the Form 4 dated August 13, 2008, the reporting person was granted 35,100 restricted stock units that vest 10% on each of the third through the ninth anniversaries of the date of the grant and 30% on the tenth anniversary of the date of the grant. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation.

F9: As reported on the Form 4 dated May 18, 2010, the reporting person received a grant of 3,600 restricted stock units that vest in four equal annual installments beginning on May 14, 2011. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation.

F10: The reporting person received a grant of 36,900 stock options on December 19, 2011 that vest in three equal annual installments beginning December 15, 2012.

F11: The reporting person was granted 5,500 Restricted Stock Units ("RSUs") on December 19, 2011. These RSUs vest in three equal annual installments beginning 12/15/2012.